Bell Partners Inc., an apartment investment and management company, has completed its second and final close of Bell Apartment Fund VI LLC. The fund was oversubscribed and closed at its size limit, with $600 million of total equity commitments.

The fund’s investor base is comprised of institutional investors from various parts of the world, and accredited high-net-worth individuals. CBRE Capital Advisors acted as placement agent for some U.S. investor capital commitments.

Fund VI

Bell Apartment Fund VI is a value-add fund that invests in multifamily properties in the United States, and leverages Bell’s operating platform.

According to Bell, the fund has the capacity to acquire over $1.7 billion in apartment investments, with debt leverage taken into account.

Fund VI will seek properties in major metropolitan areas with healthy fundamentals, said Bell Partners CEO Jon Bell, and then make value-add renovations. The company specializes in that kind of deal: During 2016, Bell completed nearly $1.3 billion in total apartment transactions, and since 2002 has completed over $12 billion of apartment transactions on behalf of its investors.

In addition to Bell’s series of value-add apartment funds, North Carolina-based Bell also invests in stabilized, core apartments through a $1 billion separate account with a German real estate special fund managed by Hansainvest. The venture is focused on acquiring stabilized core multifamily properties in major U.S. markets.